The Michigan Legislature on Wednesday unanimously voted to cut what are believed to be the nation's highest financial penalties for collecting excessive unemployment benefits, finalizing bills that were proposed after more than 40,000 people were wrongly accused of fraud in a two-year period.

Michigan could end up being the only state in the country where legislators pass and reject laws without the public knowing about their personal finances, a distinction that good government watchdogs say is an embarrassment that must be changed.

Michigan municipalities would have to report financial information about their employee retirement systems to the state under new legislation that supporters say is designed to help communities address substantially underfunded pension and health care plans.